When Can I Reamortize My Loan?

Reamortization is a process that establishes an updated schedule of monthly payments for the remainder of your loan term.

When can you reamortize? Any time.

Many solar loans available today limit your reamortization options to specific dates or milestones in the loan term. Our solar loan offers far more flexibility, allowing you to revise your monthly payment or pay off your loan early any time you like without any fees or penalties.

If you find yourself with additional funds that you want to put towards your loan, you can use the funds to either 1. shorten your loan term (change the natural end date of your loan), or 2. keep the loan term the same but reduce your monthly payment amount. 

For option 1, submit your payment normally, and any overpayment will be automatically applied to your principal balance. The will shorten the overall length of your loan and you'll pay less interest in the end.

For option 2, contact your loan officer to request a modification, and any overpayment will be used to lower your monthly payment amount. Reamortization will be based on your loan balance and the remaining loan term, keeping your natural end date but reducing your monthly payment in the meantime.

Remember that you can keep your tax credit and still keep your contractual monthly payment consistent. That money is yours, but if you choose to use those funds (or any others) to pay down your solar loan, you can do so at any time and you can decide how to make it work best for you - either by shortening the length of your loan or by securing an even lower monthly payment.